The SCOPE KYC Cloud solution is developed as a self-service application. There are two reasons for this:
- Saving time and improving quality: A KYC stock-taking or a counselling interview can be prepared easier if the client can enter his or her own data. To optimise the process of entering information, the SCOPE KYC Cloud solution has been designed to work intuitively and conveniently, for the best customer experience. The user interface of the SCOPE KYC Cloud solution is the business card of your company to your clients. The KYC solution’s interface is based upon a renowned world standard: Google Material Design.
- The new legislation and regulation is important. The GDPR requires companies to allow clients to see all stored client data and this data needs to be limited to its purpose.
Personal and Company details
The client stock-taking process is managed through an input wizard. The wizard guides the user through the stock-taking step by step. The first step for individual persons is providing information about the personal situation. In the case of a legal entity the first step is supplying relevant data regarding the organisation and the attached contacts.
To assist the user with easily and correctly provided information, the SCOPE KYC Solution is equipped with multiple handy features, such as:
- Automatically breaking down the name and filling in the various fields (surname, first name etc.)
- Automatic control on capitalisation and spelling,
- Automatically supplementing address information from postal codes and numbers.
To add legal entities to the database, the SCOPE KYC Cloud solution offers two options:
- Retrieving information from the SCOPE VICARD database which has information on more than 3.5 million businesses.
- Reading a Chamber of Commerce document from a paper.
Knowledge and Experience
It is important to understand how well a client will be able to understand advice given. The following subjects are asked among others:
- The highest achieved level of education and acquired degree;
- The current and previous occupation;
- Investment knowledge and experience;
- Knowledge of financial tools and processes.
It is important to estimate to what extent a person understands the risks involved with certain types of investments. In the SCOPE KYC Cloud solution, the knowledge and experience of contacts/clients is recorded individually. This is done because multiple accounts can be opened for a client relation with multiple involved individuals. The knowledge and experience of the right people needs to be clear and involved with the considerations regarding the advice.
The SCOPE KYC Cloud solution asks all the questions required by watchdog agencies, regarding the current and previous occupation, level of education and knowledge and experience with financial products and tools. Memo fields are available to make notes regarding client knowledge and experience and to record the conversation with the client.